AVEVA adjusted pre-tax profits up 13.2%

14 November 2017, 07:58

Source - SMW

AVEVA Group posts adjusted pre-tax profits of £10.3m for the six months to the end of September - 13.2% up on last time.
Revenues of £93.9m were up by 11.5%.
The group booked exceptional costs of £20.0m in relation to the planned combination with the Schneider Electric Software Business.
The group posted a pre-tax loss of £12.4m against a profit of £5.5m a year ago.
Chief executive James Kidd said: 'I am pleased with AVEVA's performance in the first half.
'Although we have yet to see a broad-based recovery in our end markets, we have seen solid growth in constant currency revenue and adjusted profit before tax.
'This improved performance was partly driven by the changes made to the business last year, when we simplified AVEVA's management structure, giving both greater decision-making capabilities and direct accountability for performance to our regions.
'The Board remains confident in AVEVA's outlook for the full year and excited about the growth opportunities that the combination with the Schneider Electric Software Business will bring.'
AVEVA also announced a summary of the unaudited interim results for the Schneider Electric Software Business, ahead of the planned combination of this business with AVEVA.
AVEVA said the Schneider Electric Software Business delivered a solid financial performance in the six months to the end of September.
It said revenues rose by 4.0% at $288.5m with no material impact from currency translation.
In both reported and constant currency terms, adjusted EBITA increased by 3.3% to $43.6m from $42.2m.

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